November 12, 2018
8:45 am EDT
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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428
Signs from the weekend that OPEC is prepared to defend the price of oil around $60.00/bbl for WTI hinting over the weekend toward a potential supply cut next year. WTI is up 1.5% and Brent is up 2.1% to trade back up above $60.00/bbl and $70.00/bbl respectively.
The other big story today is that the price of Natural Gas continues to soar with winter arriving early in many regions. Natural Gas is up another 4.3% today trading above $3.80/mmbtu. The price is now up more than $1.00/mmbtu or 36.6% since its September 17th low of $2.81.
Itâ€™s a partial holiday in many countries today with stock markets open but banks and government offices closed. Because of this, stock market trading and economic/corporate news flow have been light. Asia Pacific markets finished slightly positive while European indices and US index futures have been slightly negative, the biggest loss among major indices coming in Germany where the Dax is down 1.4%.
SIA Wealth In The Media:
Chief Market Strategist Colin Cieszynski was quoted by Dow Jonesâ€™ Marketwatch.com talking about natural gas prices
Chief Market Strategist Colin Cieszynski was quoted by Kitco News on the gold price outlook
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